The recent flurry of bad economic news is fast becoming a blizzard. A week after learning that payrolls unexpectedly fell 110,000, we are buffeted by faltering consumer sentiment, shrinking industrial production and a record trade deficit. Things are so bad that the Japanese are dumping U.S. assets and plowing their money into Europe. And capacity utilization of 75% means capital spending will remain in the doldrums even if Greenspan takes interest rates to zero.

Bush rides to the rescue with the following logic: eliminating the taxation of dividends will boost stock prices and lower capital costs resulting in jobs and higher spending. Obligingly, Microsoft announced its first dividend and promptly watched its stock crater by seven percent. With Governor Ryan so busy liberating death row, maybe he should pardon the President for killing the economy.